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Bethesda, MD - December 30, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS)announced today that its Board of Directors has elected Samuel A. Flax, 48, to the newly created post of Executive Vice President and General Counsel, effective January 1, 2005. Mr. Flax is currently a partner in the Washington, D.C., law firm of Arnold & Porter LLP and has been American Capital's principal external counsel since before the company's 1997 initial public offering. He will also serve as the company's corporate Secretary and Chief Compliance Officer.
"Sam Flax is one of the leading legal experts on Business Development Companies and has provided his expertise assisting American Capital's growth and development for over fifteen years as outside counsel," said Malon Wilkus, Chairman, President and CEO. "He has been instrumental in building our in-house legal team. We are extremely proud of the fact that he has elected to join American Capital as General Counsel."
"I am excited about the prospect of being even more involved in American Capital's business and being part of its success," said Mr. Flax. "The opportunity to join one of the most active buyout and mezzanine funds in the country with over 120 portfolio companies and to be an integral part of the American Capital senior management team is a great one."
Mr. Flax joined Arnold & Porter in 1985 and has been been a partner in the firm's corporate and securities practice group since 1990. He is a graduate of the Washington & Lee University School of Law, where he was an editor of the Law Review, and received his undergraduate degree in industrial engineering from Georgia Tech. Following graduation from law school, he was a law clerk for the Hon. H. Emory Widener, Jr., of the United States Court of Appeals for the Fourth Circuit.
About American Capital
American Capital is a publicly traded buyout and mezzanine fund with capital resources of more than $4.8 billion. American Capital is an investor in and sponsor of management and employee buyouts, invests in private equity buyouts, and provides capital directly to private and small public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions and recapitalizations.
As of November 30, 2004, American Capital shareholders have enjoyed a total return of 299% since the Company's IPO - an annualized return of 21%, assuming reinvestment of dividends. American Capital has paid a total of $583 million in dividends and paid or declared $16.03 dividends per share since its August 1997 IPO at $15 per share.
Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit our website.
This press release contains forward-looking statements. The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
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